This Week: Builder sentiment, Best Buy earns, durable goods
A look at some of the key business events and economic indicators upcoming this week:
EYE ON HOMEBUILDERS
A key measure of U.S. homebuilders’ confidence in the housing market is due out Monday.
The National Association of Home Builders/Wells Fargo Housing Market Index hit 68 last month, up from a reading of 67 in September. Readings above 50 indicate positive sentiment about the housing market. The annual rate of new U.S. home sales has dropped 15.3 percent since May as mortgage rates and prices have risen.
NAHB/Wells Fargo Housing Market Index, seasonally adjusted, by month:
Nov. (est.) 68
ON A ROLL
Best Buy is showing brick-and-mortar retailers can still thrive in an increasingly online retail market.
Earlier this year the consumer electronics chain posted its biggest quarterly sales growth at established stores in 15 years. The company also has been consistently delivering quarterly earnings and revenue growth. Wall Street predicts Best Buy will do so again Tuesday, when the retailer issues its third-quarter results.
BLIP OR TREND?
Economists project that U.S. durable goods orders slowed again last month.
They expect the Commerce Department will report on Wednesday that orders to U.S. factories for big-ticket manufactured goods declined 2.5 percent in October. That would follow September’s gain of 0.7 percent, which was a sharp slowdown from a 4.7 percent jump in August.
Durable goods orders, monthly percent change, seasonally adjusted:
Oct. (est.) -2.5